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Even after a year of owning the F7 535i GT I am a novice. In my my audio settings I only see Bass, Treble, Fader and etc but NO Equalizer. Is the Equalizer an option part of the higher end stereo system?

go to BMWVIN.COM and put the last 7 digots of your VIN where indicated and get back a lot of information about your GT including all the options it has. It is free. From there you should be able to determine if you have the basic sound system. If so, no equalizer I am afraid.

It does not look like you have the upgarded sound system. Lately BMNW has been using high end Harmon-Kardon or Bang & Olufson equipemnt as the upgardes. Befire that it was the Hi-Fi Professional upgrade.
I have the latter and I do have the equalizer. The other difference between stock and upgrade is the number of speakers (12 vs 16). I suspect that each car is fitted for 16 but only 12 are used in the stock system.
Maybe adding the remianing four might help but it won't give you an equalizer.

You may want to go for an after-market solution offered by the automotive sound industry. Here is one vendor I found just as an example of a BMW-targeted solution (there no doubt are many others):

If you don't see the Equaliser settings then you have either the basic speaker system or the Hi-Fi speaker system. If you have the Hi-Fi Professional, Harmon Kardon or Bang and Olufsen system, then you will get your equaliser settings.